I love reading these ‘innovation’ documents from the traditional finance industry. This one is from the ‘Payments Innovation Jury’ where they declare ‘mobile’ is the innovative thing, and the biggest barrier to innovation is themselves not being innovative enough.
I really love how they attribute their own failings and fragility to “cryptocurrency” quote below
“The collapse of Silicon Valley Bank, for instance, was not directly caused by cryptocurrency, but its volatility in early 2023 was attributed as a contributing factor. Similarly, the failures of Silvergate Bank ($3.8bn digital-asset related deposits) and Signature Bank ($17.8bn cryptocurrency-related deposits) left many of those cryptocurrency customers bank-less as they struggled to find new institutions. In turn, over half (52%) of the Jury believe that the rippling impact of the cryptocurrency failures will be felt around the world, while 48% said that they will be confined to the markets where failures have occurred.”
Enjoy the report here: